Tesla and Spacex CEO Elon Musk has secured $7.139 billion in new financing commitments to fund his acquisition of Twitter, together with from a number of pro-crypto firms. Cryptocurrency trade Binance, for instance, has dedicated to make investments $500 million within the social media platform alongside Musk.
Crypto-Friendly Companies Join Elon Musk to Buy Twitter
Tesla CEO Elon Musk has secured funding from 18 firms to buy Twitter Inc., his filing with the U.S. Securities and Exchange Commission (SEC) on Thursday reveals.
The SEC submitting explains that Musk obtained fairness dedication letters from these buyers on May 4 “offering for an combination of roughly $7.139 billion in new financing commitments” in connection along with his proposed acquisition of Twitter.
Some pro-crypto firms are on the listing of buyers, together with Sequoia Capital Fund which dedicated $800 million, crypto trade Binance which dedicated $500 million, AH Capital Management (aka Andreessen Horowitz, a16z) which dedicated $400 million, and Fidelity which dedicated over $300 million.
Binance independently introduced Thursday that it “plans to make investments $500 million alongside Elon Musk in Twitter buyout.” CEO Changpeng Zhao (CZ) commented:
We’re excited to have the opportunity to assist Elon understand a brand new imaginative and prescient for Twitter … We hope to have the opportunity to play a task in bringing social media and web3 collectively and broadening the use and adoption of crypto and blockchain expertise.
Sequoia Capital is a crypto-friendly VC agency. The firm launched a cryptocurrency-focused fund of as a lot as $600 million in February and has partnered with some key gamers within the crypto area, together with FTX CEO Sam Bankman-Fried and former Twitter CEO Jack Dorsey.
Fidelity Investments has lengthy been pro-bitcoin, calling the cryptocurrency “a superior type of cash.” In April, the monetary providers big launched crypto and metaverse exchange-traded funds (ETFs) and introduced that it’s going to begin permitting bitcoin investments in 401(ok) retirement accounts.
The largest funding dedication got here from Larry Ellison, co-founder of Oracle Corp. and a Tesla board member. He agreed to make investments $1 billion.
Saudi Prince Alwaleed bin Talal additionally agreed to stay an investor of Twitter after Musk’s takeover. He initially refused to think about the Tesla govt’s provide to purchase the social media platform, stating that his provide didn’t come shut to Twitter’s intrinsic worth.
What do you consider pro-crypto firms investing in Twitter alongside Elon Musk? Let us know within the feedback part under.
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